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Tax Alert

Protect yourself!

The CRA knows that most taxpayers, given the proper tools and information, will voluntarily meet their tax obligations.

The following contains information that will help taxpayers understand how to protect themselves against tax schemes, and understand the consequences they might face.

For example, some taxpayers don't realize the financial and personal risks they are exposed to by paying cash for home renovations. And some taxpayers don't know that participating in certain tax shelter schemes to avoid paying taxes could mean not only a loss of their principal, the repayment of taxes owed, and penalties and interest - it could also lead to fines and imprisonment.